Vault-13

MICROSTRATEGY INC MSTR 0.75 12.15.25

NOTE 0.750%12/1 · US DOMESTIC · CUSIP 594972AC5

38 institutional holders +0 vs Q1 2023
22,783,00022.8m shares reported held*
$627.3mreported value*
7 new 9 added 9 reduced 7 sold out net sold ≈ $74.2m (-11.9m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.61. Options: 0 managers hold calls (— notional), 1 hold puts ($54.5m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 39Q4 22: 34Q1 23: 38Q2 23: 3838Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202239
Q4 202234
Q1 202338
Q2 202338

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 22: 10 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 22 bought or addedQ1 23: 15 cut or sold outQ1 23Q2 23: 16 bought or addedQ2 23: 16 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221017
Q1 20232215
Q2 20231616

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60mQ3 22 calls: $1.3mQ3 22 puts: $0Q3 22P/C 0.00Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $54.5mQ2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$1.3m$00.00
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$54.5m—

Biggest buyers

VOYA INVESTMENT MANAGEMENT LLC New +61,865,000+61.9m
BANK OF NOVA SCOTIA New +9,250,000+9.2m
III Capital Management Added +7,492,000+7.5m
Linden Advisors LP Added +7,250,000+7.2m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +6,500,000+6.5m
SSI INVESTMENT MANAGEMENT LLC New +5,817,000+5.8m
STATE STREET CORP Added +5,100,000+5.1m
SILVERBACK ASSET MANAGEMENT LLC New +3,000,000+3.0m
Miller Value Partners, LLC Added +1,200,000+1.2m
CITIGROUP INC New +896,000+896.0k

Biggest sellers

Shaolin Capital Management LLC Sold out -67,500,000-67.5m
FMR LLC Sold out -22,800,000-22.8m
LMR Partners LLP Reduced -22,100,000-22.1m
ARISTEIA CAPITAL, L.L.C. Reduced -21,545,000-21.5m
Jefferies Financial Group Inc. Reduced -10,557,000-10.6m
JANE STREET GROUP, LLC Sold out -7,117,000-7.1m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -5,000,000-5.0m
WHITEBOX ADVISORS LLC Reduced -5,000,000-5.0m
Graham Capital Management, L.P. Reduced -4,500,000-4.5m
CAPSTONE INVESTMENT ADVISORS, LLC Reduced -3,500,000-3.5m

Biggest calls

None

Biggest puts

Shaolin Capital Management LLC New $54.5m50.0m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SOROS FUND MANAGEMENT LLC 2.27% of their portfolio NEW YORK, NY 95,642,00095.6m $104.4m $104.4m 2.27% Unchanged
2 WHITEBOX ADVISORS LLC 3.55% of their portfolio MINNEAPOLIS, MN 67,900,00067.9m $73.4m $73.4m 3.55% Reduced -5.0m -5,000,000
3 VOYA INVESTMENT MANAGEMENT LLC 0.07% of their portfolio ATLANTA, GA 61,865,00061.9m $67.5m $67.5m 0.07% New
4 ARISTEIA CAPITAL, L.L.C. 2.19% of their portfolio GREENWICH, CT 57,500,00057.5m $62.7m $62.7m 2.19% Reduced -21.5m -21,545,000
5 Graham Capital Management, L.P. 1.30% of their portfolio ROWAYTON, CT 34,882,00034.9m $38.0m $38.0m 1.30% Reduced -4.5m -4,500,000
6 HIGHBRIDGE CAPITAL MANAGEMENT LLC 1.58% of their portfolio NEW YORK, NY 25,000,00025.0m $27.2m $27.2m 1.58% Reduced -5.0m -5,000,000
7 JANUS HENDERSON GROUP PLC 0.01% of their portfolio LONDON, X0 21,764,00021.8m $23.8m $23.8m 0.01% Reduced -2.3m -2,266,000
8 LMR Partners LLP 0.53% of their portfolio LONDON, X0 21,500,00021.5m $23.2m $23.2m 0.53% Reduced -22.1m -22,100,000
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 18,200,00018.2m $19.8m $19.8m 0.00% Added +5.1m +5,100,000
10 Linden Advisors LP 0.20% of their portfolio New York, NY 17,235,00017.2m $18.8m $18.8m 0.20% Added +7.2m +7,250,000
11 Tetragon Partners GP Ltd 2.50% of their portfolio GRAND CAYMAN, E9 17,000,00017.0m $18.5m $18.5m 2.50% Unchanged
12 III Capital Management 1.35% of their portfolio BOCA RATON, FL 15,900,00015.9m $17.3m $17.3m 1.35% Added +7.5m +7,492,000
13 CAPSTONE INVESTMENT ADVISORS, LLC 0.45% of their portfolio NEW YORK, NY 14,110,00014.1m $15.4m $15.4m 0.45% Reduced -3.5m -3,500,000
14 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 12,750,00012.8m $13.7m $13.7m 0.02% Added +6.5m +6,500,000
15 Elliott Investment Management L.P. 0.16% of their portfolio WEST PALM BEACH, FL 12,000,00012.0m $13.0m $13.0m 0.16% Unchanged
16 Calamos Advisors LLC 0.05% of their portfolio NAPERVILLE, IL 9,601,0009.6m $10.5m $10.5m 0.05% Unchanged
17 BANK OF NOVA SCOTIA 0.03% of their portfolio TORONTO, A6 9,250,0009.2m $10.1m $10.1m 0.03% New
18 Jefferies Financial Group Inc. 0.16% of their portfolio NEW YORK, NY 6,954,0007.0m $7.5m $7.5m 0.16% Reduced -10.6m -10,557,000
19 DeepCurrents Investment Group LLC 0.28% of their portfolio NEW YORK, NY 6,025,0006.0m $6.5m $6.5m 0.28% Unchanged
20 SSI INVESTMENT MANAGEMENT LLC 0.44% of their portfolio Los Angeles, CA 5,817,0005.8m $6.3m $6.3m 0.44% New
21 BlackRock Inc. 0.00% of their portfolio New York, NY 3,775,0003.8m $4.1m $4.1m 0.00% Unchanged
22 Man Group plc 0.01% of their portfolio LONDON, X0 3,380,0003.4m $3.7m $3.7m 0.01% Added +80.0k +80,000
23 Miller Value Partners, LLC 2.21% of their portfolio SARASOTA, FL 3,100,0003.1m $3.4m $3.4m 2.21% Added +1.2m +1,200,000
24 SILVERBACK ASSET MANAGEMENT LLC 0.45% of their portfolio DURHAM, NC 3,000,0003.0m $3.3m $3.3m 0.45% New
25 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 2,074,0002.1m $2.2m $2.2m 0.01% Reduced -1.5m -1,500,000
26 RWC Asset Management LLP 0.08% of their portfolio LONDON, X0 1,500,0001.5m $1.6m $1.6m 0.08% Added +500.0k +500,000
27 Pinpoint Asset Management Ltd 0.00% of their portfolio HONG KONG, K3 1,000,0001.0m $1.1m $1.1m 0.00% Unchanged
28 Skaana Management L.P. 0.30% of their portfolio BROOKLYN, NY 950,000950.0k $1.0m $1.0m 0.30% Added +500.0k +500,000
29 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 896,000896.0k $968.8k $968.8k 0.00% New
30 BOOTHBAY FUND MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 572,000572.0k $623.1k $623.1k 0.02% New
31 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 200,000200.0k $217.6k $217.6k 0.00% Unchanged
32 FIRST HAWAIIAN BANK 0.00% of their portfolio HONOLULU, HI 111,000111.0k $120.0k $120.0k 0.00% New
33 Abacus Planning Group, Inc. 0.01% of their portfolio COLUMBIA, SC 50,00050.0k $54.4k $54.4k 0.01% Unchanged
34 Context Capital Management, LLC 2.47% of their portfolio LAJOLLA, CA 25,00025.0k $27.3m $27.3m 2.47% Added +17.2k +17,250
35 J.W. COLE ADVISORS, INC. 0.00% of their portfolio TAMPA, FL 19,00019.0k $20.5k $20.5k 0.00% Unchanged
36 AdvisorNet Financial, Inc 0.00% of their portfolio MINNETONKA, MN 19,00019.0k $20.5k $20.5k 0.00% Unchanged
37 Verition Fund Management LLC 0.03% of their portfolio GREENWICH, CT 1,6901.7k $1.8m $1.8m 0.03% Unchanged
38 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged